Risk Assessment and Decision Making In Business: A Study in Oman
Keywords:Risk Management, Decision Making, Business
Threats and risks within an organisational environment seem to have become inevitable and inseparable factors since the business environment is becoming literally competitive and challenging in nature. The process of risk assessment thus becomes significant in order to determine the threats and the emerging opportunities in the market. Pre-assessment of threats and uncertainties which may influences the achievement of organisational goals and take necessary decisions for the operational development process. There are unlimited information available but the risk manager need to analyse relevant and specific information which impacts on the business performance on a particular environment. The main problem that most of the organisations in Oman are facing is the failure to ascertain the intensity of the risk and threat in business which disables them to take the best possible action in time, making it suffer from the series of operational challenges. The purpose of the study is to identify the type of operational risks and threats the organisations of Oman are facing and their causes and to analyse the impact of poor decision making on the organisations. The study will also help to have a better understanding of the risk assessment and decision making strategies organisations are required to be put in place to get rid of the issues.